NEW YORK--(BUSINESS WIRE)--Planning your ideal wedding shouldn't feel like navigating a financial maze, but for many couples, budgeting remains the biggest hurdle. Nearly 90 percent of couples set their wedding budget before researching vendors and their costs, leading to unrealistic expectations. Amid inflation and economic uncertainty, couples are feeling lost and lack clear guidance in managing their wedding finances. Not to mention that most wedding vendors (78 percent) feel couples don’t understand the value of the services they provide, which often leads to a discrepancy between budget and actual spending with couples.
To address this knowledge gap and increase transparency around wedding costs, The Knot, a leading all-in-one wedding planning resource, today launches The Knot Budget Advisor. This digital-first tool provides couples with a wedding budget estimate based on their location and priorities, along with insights into average costs, factors influencing pricing and helpful savings tips. The Knot Budget Advisor also connects couples with wedding vendors in The Knot Vendor Marketplace that fit their budget needs.
The Knot Budget Advisor helps educate couples so they can plan and spend more strategically, offering:
- Access to average wedding costs and a breakdown of how much 20,000+ recently married couples in the US spent on vendors in their wedding location. Couples can explore costs across the country with an interactive map, learn about the factors influencing prices, and receive helpful tips to save money and ask the right questions.
- The ability to prioritize which vendors are included in their estimated wedding budget and see the impact of their selections.
- Pricing estimates for venues, photographers and more in a couple’s area, with the ability to request personalized quotes through The Knot Vendor Marketplace.
"For many couples, planning a wedding for the first time comes with a lot of financial uncertainty. Balancing wedding costs with everyday expenses and a unique wedding vision can feel overwhelming—especially in today’s challenging economic climate," said Tim Chi, Chief Executive Officer of The Knot Worldwide. "The Knot Budget Advisor is one of our most game-changing product releases to date, addressing the biggest pain point couples face: creating a realistic budget. This tool not only helps couples make informed financial decisions but also connects them with wedding vendors who fit their needs.”
“The Knot Budget Advisor uses highly personalized technology and robust real-world data from recently married couples to offer engaged couples an effective solution for wedding budgeting," said Zohar Yardeni, Chief Product Officer at The Knot Worldwide. "Providing the most comprehensive cost data of any digital wedding planning platform, it ensures couples can easily discover costs on a local level, analyze key pricing factors and receive insights to make smarter financial decisions. As new couples share their wedding spending and vendors provide their pricing to us, we’ll continue to innovate with more insightful data to support couples as they build their wedding budgets with knowledge, confidence and ease.”
Every year, The Knot connects nearly 1.5 million couples with over 200,000 vendors through its US wedding planning platform. With the launch of The Knot Budget Advisor, couples can now get the information they need to set personalized budgets based on what’s important to them and, in turn, have more productive and efficient conversations with vendors to bring their wedding vision to life.
In addition to the Budget Advisor launch, The Knot is sharing must-know budget content across its editorial, social and video platforms. Articles like “How to Actually Pay for a Wedding” and “24 Hidden Costs You Probably Haven’t Thought Of,” and a new video series, “Budget Diaries,” tackle the topic of budgeting in a more transparent way than ever before, while empowering couples with expert tips, honest advice and smart guidance. To read about wedding budgeting, visit The Knot. For more information about The Knot Budget Advisor, visit here.
About The Knot
The Knot is a leading all-in-one wedding planning resource and Vendor Marketplace that connects couples with more than 200,000 local wedding professionals and offers a comprehensive suite of planning tools that includes personalized wedding websites, invitations and registry services that make planning easier to help couples enjoy the experience. The most trusted authority on wedding planning, The Knot reaches a majority of engaged couples in the US through TheKnot.com; a leading wedding planning app with the most 5-star reviews on iOS and Android, The Knot Wedding Planner; The Knot national wedding magazine; and The Knot book series. Since its inception, The Knot has inspired approximately 25 million couples to plan a wedding that’s authentic to them. Visit The Knot online at TheKnot.com and follow on social media: @TheKnot on TikTok, Instagram, Pinterest and Threads and Facebook.com/TheKnot.
